Marketing to the Generations: Generation X
“Relationships are like muscle tissue. The more they are engaged, the stronger and more valuable they become.”
This is the third post in a four-part series about Marketing to the Generations
As you work on preserving the life of your business through marketing to various generations, one generation you don’t want to overlook is Generation X. Many Gen X’ers may just be starting to look for a financial advisor, so now is an important time for you to make sure you are catching their attention.
Why They’re Important
Generation X is just now entering their peak earning years. They tend to be less trusting than the generations before them, but once their trust is gained, they’re loyal.
What They’re Like
Gen X’ers are tech savvy, so make sure you’re using a variety of media to reach out to them. They can be skeptical and often want to know “why.” Make sure you are forward thinking and anticipate the types of questions they may have. They will focus on trust and transparency. This should come as no surprise since Gen X’ers were young adults during many of the worst financial scandals in history.
Generation X is a self-educated generation that likes to be in the driver’s seat. They trust their friend’s referrals, so once you have the loyalty of one Gen X’er, others are sure to follow. The younger generations have a fear of missing out, so good advice of when to make a financial move will often be considered and appreciated by this generation.
How They’re Doing Financially
Generation X has lost the most in net worth. They are still regaining their footing from the Great Recession, and are falling behind in their retirement savings. These unfortunate circumstances may cause them to shy away from traditional investment instruments.
How to Earn Their Business
When connecting with a Gen X’er, focus on the facts. Be transparent and don’t pressure. To earn their trust, you need to prove that you can do things right and on time. Generation X is a generation that wants to be involved in the decision-making process, so provide them with options and back up plans.
Since this generation is tech savvy, be prepared to do business over the phone and through email. Ask yourself how you plan to compete against robo-advisors as well. Being tech savvy, Generation X wants to know all the information that is available to them. Ask yourself if there is any information that has traditionally been held back that you can provide.
Their tech savviness also means Gen X’ers need to see up-to-date information on your social media profiles and website. They will use your website very differently, as they are interested in who you are as a person, more so than the previous generations. Information such as organizations you support, what you do for fun and information about your family are all good connection points with Gen X’ers.